Photo: International Investment
Saudi Arabia has reduced its June official selling prices for crude oil to Asia, but the cut was smaller than expected, reflecting continued market uncertainty.
The state oil company lowered the price of its flagship Arab Light crude by $4 per barrel to a premium of $15.50 above the Oman/Dubai benchmark, down from a record high in May but still among the highest levels on record, News.Az reports, citing Oil Price.
Market expectations had pointed to a larger reduction, with traders and refiners anticipating cuts ranging from $5 to $12 per barrel.
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The earlier surge in prices was driven by disruptions linked to the situation in the Strait of Hormuz, which affected oil flows and pushed premiums to record highs.
Despite the price cut, risks related to shipping routes remain, with exports increasingly redirected through the Red Sea port of Yanbu to bypass the strait, potentially increasing logistical costs and raising effective prices for buyers.
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